The SAFE/BECU Mega-Me Merger: Let The Members Choose!

  Heads Sacramento, Tails Tukwila...

Sample Ballot for SAFE Credit Union Merger Proposal

Name of SAFE Member:__________     Account Number:___________

Please read the Notice of Special Meeting for the members of SAFE Credit Union. The SAFE Board has tried to let you know what you need to know, when you needed to know it. [link]. You know, we know, who knows best!

✔ Mark your choice [1 only], sign and submit this ballot: 

[ ] Approve the proposed merger with Boeing Employees Credit Union as unanimously endorsed by the SAFE Board of Directors.  The merger requires the transfer of all SAFE CU deposits, loans, and $400+ million of your ownership equity to BECU. Corporate control and regulatory supervision will also be moved from California to Washington State. SAFE Credit Union will cease to exist. Or...

[ ] Alternative recommendation for SAFE members: Maintain the current California state-charter for at least ten years, with headquarters remaining in the Sacramento area; retain current service facilities, employee staffing levels, and the Sacramento-based leadership structure for at least 5 years; fund a new share account at BECU for up to 10,000 existing SAFE members, who require BECU service; and distribute a "Lets Stay Home Special Dividend" of $150 to each of the 245,000 SAFE members of record as of 12/31/2025. Or...

[ ] Do not approve the proposed merger.

✖ Signed:___________ Member's Name:_________ Date:_____

  Heads up, Sacramento!

The SAFE/BECU Mega-Me Merger: The Illusion Of Choice

   As a credit union member, ...  feel free to choose!

✅ Credit unions have long championed our unique difference as member-owned cooperatives versus investor-owned banks.  What is that unique difference? It's the "one member, one vote" democratic right to choose.  In this instance, SAFE members' democratic right to vote on the demise of SAFE Credit Union.

😎 What should be done if that boast of a democratic right to choose appears to be a sham - "a Hobson's choice"? [As in "Take it, or leave it!"]

✔ "A Hobson's Choice" is a free choice in which only one thing is actually offered. The term is often used to describe an illusion that choices are available.

The SAFE Board of Directors has voted unanimously to merge SAFE Credit Union, one of California's finest, with Boeing Employees Credit Union located in Washington State. [link]

✔  The SAFE Board and CEO claim the merger will bring indistinct benefits to SAFE members.  Independent assessments find otherwise:

 ✅ The "Otherwise"  Credibility Scorecard: It has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to give away a financial institution with a fair market value between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], 5) if necessary, there are several better merger candidates in California [link], 6) the "faux-ish" Board commitments of April 21, 2026 [link] with the questionable "34% increase in money returned to them" claim [link], and 7) the absence of an independent market valuation creating a fiduciary breach legal exposure [link].

😎 SAFE members will have the chance to vote on the proposed merger and dis-memberment of their credit union, what will their other choice be? 

 "Dis-memberment"?! Yikes...